Marcos-Era Monet Sale Triples Privatization Revenue, Rekindles Hunt for ‘Missing Art’

Echoes of Embezzlement, Whispers of Justice: Claude Monet’s “L’église à Vétheuil,” acquired through the Marcos regime’s systematic plunder, finds its way back to the Filipino people via Christie’s auction. A poignant reminder that even art cannot fully conceal the stain of corruption, but justice, however delayed, can still resonate.

Marcos-Era Monet Sale Triples Privatization Revenue, Rekindles Hunt for ‘Missing Art’

By Bing Jabadan – TheNationWeek.com  l July 28, 2025

MANILA, Philippines – Decades after the fall of Ferdinand Marcos, a single Claude Monet painting, seized from the family’s vast cache of ill-gotten wealth, has delivered a surprising windfall, injecting much-needed momentum into the Marcos Jr. administration’s privatization efforts and reigniting a national obsession: the pursuit of the regime’s “missing art.”

The sale, orchestrated by the Presidential Commission on Good Government (PCGG), triggered a staggering 208 percent surge in privatization revenue during the first half of 2025.

Data released by the Bureau of the Treasury (BTr) revealed the dramatic impact of the Monet transaction.

Privatization proceeds soared to ₱1.266 billion in the first six months of the year, a quantum leap from the paltry ₱411 million generated during the same period in 2024.

The PCGG’s ₱714 million remittance in May, directly attributed to the Monet sale, single-handedly propelled the increase, eclipsing even the commission’s own historical benchmarks.

To put it in perspective, the May 2023 sale of a property in Oriental Mindoro yielded a mere ₱900,000.

While details surrounding the auction remain shrouded in a veil of official discretion, Undersecretary Catherine Fong of the Department of Finance (DOF) confirmed the painting’s history.

“I was informed it was a Monet,” she said, “but I lack specific details or historical context.”

Her understated response hints at the complex and often frustrating process of unraveling the Marcoses’ intricate web of hidden assets.

The PCGG’s website, however, offers a clue. Within its “Missing Art Movement” section, dedicated to recovered, sold, and unaccounted-for artworks from the Marcos era, a single Monet is listed: “La Pluie.”

This 24-inch by 24-inch oil painting, authenticated by Monet’s signature and originally acquired for $365,500, is categorized as “missing” – a designation that now suggests a recent recovery and subsequent sale.

The “La Pluie” saga underscores the painstaking efforts to reclaim other masterpieces allegedly acquired with stolen funds.

The government, for instance, continues to pursue “Le Bassin aux Nympheas,” another Monet believed to be part of the Marcoses’ hidden collection.

This painting, reportedly sold in London in 2010 for a staggering $43 million by Vilma Bautista, a former social secretary to Imelda Marcos, remains a symbol of the regime’s excesses.

Adding another layer of intrigue, veteran journalist and thenationweek.com Editor-in-Chief Gerry Lirio reported that the previous Duterte administration had explored a $30 million settlement with British billionaire Alan Howard, who acquired “Le Bassin aux Nympheas” in 2010, to resolve a related legal battle.

Driven by the rallying cry of #ShowMetheMonet, the PCGG launched “The Missing Art Movement” gallery in 2017, subtitling it “The Art of Stealing.”

The gallery’s description lays bare the historical context: “Following the EDSA Revolution, the PCGG uncovered evidence that the Marcoses amassed an extensive collection of art valued at millions, far exceeding their legal income, including works by Old Masters like Van Gogh, Picasso, and Monet. While some pieces have been recovered, many are still missing. It is time to reclaim them.”

The recent sale of “La Pluie” is a testament to the PCGG’s unwavering commitment to this mission.

Last year, the commission presented a list of potential privatization assets to the DOF for approval by the Privatization Council (PrC).

Since its inception in 1990, the PCGG has generated approximately ₱120.5 billion from the sale of assets linked to the martial law era.

The PrC had previously sanctioned the sale of Imelda Marcos’ infamous “Hawaii Jewelry” collection, valued at over ₱1 billion based on 2016 estimates.

Yet, amid these successes, a shadow of uncertainty looms.

The Marcos Jr. administration recently revised its 2025 privatization revenue target downward, from an ambitious ₱101 billion to a mere ₱5 billion, raising concerns about the long-term strategy for asset recovery and the political will to pursue it.

This drastic reduction amplifies the significance of the Monet sale, highlighting its disproportionate contribution to this year’s revenue goal.

The recovery and sale of “La Pluie,” even after decades of obscurity, offers a fragile glimmer of hope that other missing masterpieces can be located and returned to their rightful owners: the Filipino people.

The question remains: what other treasures lie hidden, waiting to be unearthed and returned to the nation?